In a statement from the White House, Biden blamed Republicans for refusing to join the Democrats in raising the debt limit to pay off debts incurred in the past. The Republican Republican has strongly refused to give any votes to raise the debt limit, Biden said, adding that they should vote on a separate party to pay off debts owed by both parties.
“Not only Republicans are refusing to do their job, but they are threatening to use their power to prevent us from doing our job – to save the economy from a catastrophic event. I think publicity is deceptive, dangerous and shameful,” Biden said.
Biden said: “Republicans say they will not do anything to prevent this unnecessary risk. Let it be so. But they should stop playing Russian roulette with the US economy.”
With Congress left until October 18 to increase the country’s debt limit, Secretary of Treasure Janet Yellen warned judges last week, the day is only two weeks away. When asked by a reporter if he could guarantee the US would not hit the debt, Biden said, “No I can’t – it’s up to Mitch McConnell…. but I can’t. “
Republicans, led by Senate Minority President McConnell, argue that Democrats should hold private debt and implement a special budget system known as reconciliation, which would not require Republicans to vote on it. But House Speaker Nancy Pelosi and Senate President Chuck Schumer say they oppose the idea and believe it is Republicans’ responsibility to help pay off debts incurred by all parties.
But as the deadline approaches, Democrats need to take action soon if they are to adopt a budget reconciliation approach.
“Failure to raise the debt limit will be challenged by Congress fulfilling our previous commitments – not new ones – which we have taken. This will undermine U.S. Treasure security and threaten the dollar’s position as a global currency, which the country relies on,” Biden said.
The president continued: “America’s debt is being reduced, interest rates will be higher for loans, car loans, credit cards and loans.”
Biden said minutes before he made his statement he received and read a letter from McConnell about the debt and said he planned to talk to the Republican president about it.
“I hope we can have smart and honest discussions about what he’s talking about. I think the stupidest way to do this, and if Republicans don’t use the filter, is to allow us to vote on what is already in the Senate itself.” “Now, I passed by the house, raising the debt limit. And we can do it in the next few days,” Biden said.
Biden said part of the reason Congress wants to raise this debt limit is because of what he described as “careless tax and spending laws” under the Trump administration.
“Republicans in Congress raised the debt three times during Donald Trump’s tenure, and each time with the support of Democrats.
The president said: “They will not raise even if debt default will bring about a self-inflicted wound that takes our wealth over the bank and affects jobs and retirement benefits, Social Security benefits, staff salaries, benefit veterans, and much more.”
The president said in the coming days, Americans may see the value of their retirement account go down, interest rates go up and their rent and car expenses increase.
“By this week, your finances and your budget could be seriously affected by this Republican stunt. It’s as simple as that,” Biden said.
Failure to raise debt over time can stop payments that millions of Americans rely on, including payments to federal employees, Medal benefits, military rewards, tax returns, Social Security checks and payments to corporate organizations. It could lead to job losses, the suspension of tens of billions in the Covid-19 economic recovery grant that is still expected to be delivered, the cold-off near the mortgage markets and the worst domestic product picking up tangible property that can live in many places.
Biden noted that raising the debt limit would pay off old debts and that they would not be related to the new funds under consideration, as stated by its finances which were suspended in Congress.
“It doesn’t matter if I plan to build or build a better background,” Biden said.
He added, “So if we are going to make good on what has already been approved by previous Congresses and the previous presidents and parties, we have to pay for it.”
The president defended a lack of agreement on his economic packages and appeared to nominate two Democratic senators, Joe Manchin of West Virginia and Kyrsten Sinema of Arizona.
“I was able to close the deal with 99% of my party. Two, two people, it is still going on,” Biden told reporters Monday.
He continued, “It’s a process, it’s a process. We’ll get it done.”
Forced to actually call Manchin and Sinema, Biden said: “I want 50 votes in the Senate. I have forty-eight.”
Democratic House leaders have set up a voting system on a trillion-dollar building block amid deep disagreements between incumbents and moderate Democrats over the size and extent of President sweeping the house plan. White House officials went up to Capitol Hill last week to seek a deal but were unsuccessful in drafting a plan that would be written to progressive Democrats.
This issue has been resolved by additional information from Biden’s comments.
CNN’s Matt Egan and Phil Mattingly contributed to this report.